The Millionaire Next Door is a long, fascinating reassessment of success in America. Some of it is not flattering. In short summary, the following covers the essentials of becoming the millionaire next door.
The majority acquired their wealth in one generation and followed these factors of wealth accumulation:
Live well below your means.
Spend your time, energy and money efficiently in ways that build wealth. Believe that financial independence is more important than social status. Their parents didn't help.
Their adult children are economically self-sufficient.
They know how to pick market opportunities.
They chose the right occupation.
In raising their children and passing on their beliefs, they have rules for how they raise and educate their children on becoming as self-sufficient and successful as they have become.
Never tell your kids you are wealthy.
Teach your children discipline and frugality.
Minimize discussion on what your kids will inherit.
Emphasize their achievements.....not your success.
Assure them many things are more valuable than money.
You are not defined by the car you drive.
Beware the effect of colleges and college students who actively diminish effort and material achievement.
The majority acquired their wealth in one generation and followed these factors of wealth accumulation:
Live well below your means.
Spend your time, energy and money efficiently in ways that build wealth. Believe that financial independence is more important than social status. Their parents didn't help.
Their adult children are economically self-sufficient.
They know how to pick market opportunities.
They chose the right occupation.
In raising their children and passing on their beliefs, they have rules for how they raise and educate their children on becoming as self-sufficient and successful as they have become.
Never tell your kids you are wealthy.
Teach your children discipline and frugality.
Minimize discussion on what your kids will inherit.
Emphasize their achievements.....not your success.
Assure them many things are more valuable than money.
You are not defined by the car you drive.
Beware the effect of colleges and college students who actively diminish effort and material achievement.
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